No fewer than 20,000 Oyo State residents have benefited from the Federal Government’s interventions to Micro, Small and Medium Scale Enterprises (MSMEs) in the state.
Dr Olasupo Olusi, the Managing Director/Chief Executive Officer (CEO) of Bank of Industry (BOI) said this in Ibadan at the Town Hall meeting on “FG N75 billion Scheme for MSMEs and Manufacturing sector.”
The News Agency of Nigeria (NAN) reports that the event was organised by the Federal Government Grants and Loans Programme and Bank of Industry.
Olusi, represented by Mr Mike Oye, the Southwest Regional Manager, BOI, said MSMEs are the engine of Nigeria’s economy.
He said that the MSMEs have brought life to the local economy in the state.
“They create jobs, provide livelihoods, and drive innovation.
“Nationally, MSMEs account for 96 per cent of all businesses, 84 per cent of employment, and nearly half of our GDP.
“But they continue to face real challenges: from access to finance to the cost of doing business. This is what the ₦200 billion intervention seeks to address.
“So far, we have disbursed over N107 billion to almost 900,000 beneficiaries across the six geo-political zones of Nigeria. Out of this number, over 20,000 beneficiaries are from Oyo State with over N2 billion spent,” Olusi said.
He said that the funds were structured around three streams.
The first stream he said was the ₦50 billion Presidential Conditional Grant Scheme (PCGS), meant to support one million nano businesses, such as the market women, the vulcanizers, the mobile tailors and the food vendors.
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The BOI boss said that each of the beneficiaries across the 774 LGAs would receive a ₦50,000 grant, focusing on six key sectors of trade, ICT, creativity, food services, transportation, and artisanship.
“The second stream is the ₦75 billion MSME Loan Scheme designed for small businesses ready to scale.
“Under this scheme, MSMEs can access up to ₦5 million in loans at 9 per cent per annum, with a three-month moratorium and a tenor of up to three years.
“The third stream, the ₦75 billion Manufacturing Sector Fund (MSF), is targeted at the manufacturers, who face significant challenges due to rising costs, infrastructure deficits, and supply chain disruptions.
“In partnership with the Manufacturers Association of Nigeria (MAN), the programme offers loans of up to ₦1 billion to eligible manufacturers,” he said.
According to Olusi, the disbursement was carried out among the groups in the society and through partnerships with trade associations.
“The Bank of Industry is playing a key role in verifying applicants’ data and facilitating disbursements.
“This programme belongs to all of us. It is not just a grant or a loan — it is a catalyst for jobs, innovation, and shared prosperity,” Olusi said.
Some of the beneficiaries of the grants in the state, Mrs Mojoyinola Ogundare, a trader; and Mr Olawale Sounding, a food processor, appreciated the Federal Government for the initiative.
They said that the grant had impacted their businesses positively. (NAN) (www.nannews.ng)
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